英杰电气：业绩符合预期，半导体射频电源加速

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company's performance in Q3 2024 met expectations, with revenue of 1.25 billion yuan, a year-on-year increase of 7%, and a net profit of 1.25 billion yuan, up 7% year-on-year [1]. - The increase in gross margin is attributed to a higher proportion of high-margin semiconductor products, with a gross margin of 41.68% in Q3 2024, up 1.12 percentage points year-on-year [1]. - The company has seen significant growth in its RF power supply orders, exceeding the total order amount for the entire year of 2023 in the first half of 2024 [2]. Financial Summary - For the first three quarters of 2024, the company achieved revenue of 1.329 billion yuan, a year-on-year growth of 17.36%, and a net profit of 303 million yuan, up 8.27% year-on-year [1]. - The projected revenues for 2024-2026 are 2.27 billion yuan, 2.655 billion yuan, and 2.966 billion yuan, representing year-on-year growth rates of 28%, 17%, and 11.7% respectively [2]. - The projected net profits for the same period are 528 million yuan, 713 million yuan, and 820 million yuan, with growth rates of 22.4%, 35%, and 15% respectively [2]. - The company's current P/E ratios for 2024, 2025, and 2026 are 20.4, 15.1, and 13.1 respectively [2][3].